Newsletter- August 24, 2022
OCEAN FREIGHT UPDATES
The sinking price of ship fuel: Near prewar levels after summer plunge
It was yet another warning sign on inflation: The price of fuel for commercial ships spiked after Russia invaded Ukraine and hit all-time highs in May and June. But that trend has now reversed. The price of ship fuel plunged in July and August and is now back to roughly prewar levels. Read more here.
Carriers draw up more contingency plans as Liverpool dock strike looks set
CMA CGM is planning to use alternative UK gateways as industrial action at the port of Liverpool looms.
The news comes three days into an eight-day strike at the UK’s largest container port of Felixstowe, from where Cosco and Maersk are rerouting services, causing headaches for forwarders struggling to move goods overland. Read more here (login required).
FMC okays out-of-court settlement of US shipper complaint against Yang Ming
The US Federal Maritime Commission (FMC) has approved the decision to settle a complaint against Yang Ming by Achim Importing Co out of court.
The claim against Yang Ming has been “dismissed with prejudice”, said FMC documents released on Monday. Read more here (login required).
GROUND AND RAIL FREIGHT UPDATES
Freight truck drivers not driving max hours
FleetOps, a North American capacity aggregation and freight matching platform for brokers and third-party logistics companies, released new data showcasing an increase in undriven hours month after month. The company additionally surveyed more than 900 carriers to better understand the catalyst behind this increase. Read more here.
Trucking fuel costs and retail pump prices aren’t marching in lockstep
Even as the cost of diesel is a topic of endless concern and discussion in the trucking sector, an annual release of cost data from the American Transportation Research Institute (ATRI) reports can be seen as showing that the all-in cost of fuel for truckers is set by factors other than the price at the pump.
ATRI, the research arm of the American Trucking Associations, released its report last week. The report is separate from the driver pay report released by ATA on the same day. Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATES
Observatory issues T1 cyclone warning as Ma-on nears HK
The observatory issued the Standby Signal No. 1 cyclone warning around 9pm Tuesday while the public is reminded not to engage in water sports and to stay away from the shoreline.
The cyclone warning will remain in force until at least 6am Wednesday, according to the observatory. Citizens are advised to take note of the latest weather information before departing for work or school in the morning. Read more here.
Japan Relaxes COVID Test Rules For Fully Vaccinated Travelers
Japan has confirmed that, as of next month, incoming travelers will no longer be bound by the requirement to take a pre-departure coronavirus test. This relaxation marks a key milestone in a country where restrictions have remained in place for a comparatively long time. Let’s take a look at the specifics of the upcoming change. Read more here.
Flooding in Dallas-Fort Worth area disrupts freight operations
Torrential rains and heavy flooding on Monday forced road closures and route changes for transportation businesses across the Dallas-Fort Worth metro area.
Ruby Lee, principal at logistics provider Ultimate Transportation, said flooded roads delayed some of her drivers for hours. Ultimate Transportation is based in the Dallas suburb of Mesquite. Read more here.